Oil prices decreased today, as fears about supplies from the Middle East abated with renewed diplomatic efforts regarding Syria and Iran.

Brent crude fell by 31 cents to hit $108.74 a barrel, while US crude was down by 57 cents to settle at $102.46, reported Reuters.

The UN Security Council members US and Russia have agreed on a resolution that will remove chemical weapons in Syria; the council is set to vote on the resolution later today.

Iran has also started talks with US aimed at resolving a long-running stand-off regarding Tehran’s nuclear programme.

Iran’s cosying up with the West has comforted some oil investors; however, analysts say increased crude exports from the country are unlikely to happen any time soon.

Iran’s envoy to the UN nuclear watchdog is not anticipating a quick break through in talks on Friday, especially when questions are raised by the West about the OPEC nation’s atomic programme.

Western sanctions against Iran over its nuclear programme underpinned oil prices for nearly a decade, while slashing the country’s oil exports by more than one million barrels per day.

Image: Oil prices fell on eased Middle East supply tensions. Photo courtesy of